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The Board of Directors of International Energy Insurance (IEI) PLC has informed the Nigerian Exchange Limited of the proposed mandatory takeover by Norrenberger Advisory Partners Limited (NAPL) to acquire up to 634,212,476 ordinary shares from the other shareholders of the Company.
The Company (IEI) via the Director’s circular dated 4th of June, 2024 notified all its minority shareholders that NAPL has completed the acquisition of 649,873,013 ordinary shares of the Company representing 50.61% equity in the Company, making it the largest and majority shareholder in the Company, thus triggering the Mandatory Takeover Offer (MTO) provisions of the Investment and Securities Act and Securities and Exchange Commission (“SEC”) Regulations.
Further to which the SEC granted the “Authority to proceed” and in respect of which NAPL notified “The Company” of its intention to proceed with the takeover bid to acquire 634,212,476 ordinary shares, equivalent to 49.39% equity stake, in The Company from other shareholders at a price of N1.60 per share.
International Energy Insurance would have posted a pre tax loss of N1.2 billion for the year ended December 2023 if the preparers of the books had included finance cost of N3.49 billion as an expense, instead of treating as a form of earnings. The omission of the expense item means IEI’s profit surged to N5.77 billion as at December 2023.
Such misrepresentation of financial statements either deliberately or inadvertently, misleads investors and the general public.
IEI has been stricken by recurring losses that led to technical insolvency as the liabilities exceed total assets. In short, it posted a negative shareholders’ fund of N11.85 billion as at December 2023.
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